Fox Sports has told some longtime staffers to decide whether to take a company-offered buyout or gamble that they will not be part of an ensuing round of layoffs that insiders say is inevitable.
21st Century Fox offered voluntary buyouts to long-term and older employees as a way to cut costs. Staffers who have been at Fox for at least 15 years or are 55 years and older were offered one month’s pay for every year of employment.
Sports Business Daily says that several published reports said the company is looking for up to $250 million in cuts, much of which would come from the buyouts. Employees who accept a buyout will remain employed through May 23. Employees who don’t accept the package will cross their fingers and hope that enough other people decide to leave voluntarily so that further cuts aren’t warranted.
A Fox spokesman would not comment on the terms of the buyout.
Sources tell FTVLive that a similar buyout plan will be offered up soon at the Fox O&O TV stations as well.